iMining Partners with GuildOne to Fulfill Net Zero Commitment with Tokenized Carbon Credits on Cardano
The two innovative Canadian blockchain companies are partnering on a landmark transaction of carbon credits represented as digital assets on the Cardano blockchain
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2021) - iMining Technologies Inc. (TSXV: IMIN) (the "Company" or "iMining") and GuildOne Inc. ("GuildOne") are pleased to announce a new partnership that leverages GuildOne's advanced blockchain and tokenization technologies to support iMining's commitment towards net-zero carbon emissions in line with Government initiatives.
iMining is joining the GuildOne-founded Zero Genesis project, a collaboration of technology and industry partners. The Zero Genesis project is committed to realizing the positive impact that blockchain technology and digital assets can bring in the pursuit of sustainable development goals. The companies are collaborating on a landmark transaction that represents verified carbon credits as digital assets, or tokens, on the sustainable Cardano blockchain. Each credit represents a tonne of carbon that has been prevented from being vented into the atmosphere as emissions, acquired from sources including GuildOne's energy industry partners.
In addition to the tokenized carbon credit transaction, the companies are collaborating on the planting of several thousand trees to further offset iMining's carbon emissions, including projects with Indigenous partners. The carbon storage capacity of this new forest as it matures will also be tokenized as a digital asset.
The global carbon credit market is rapidly growing and is expected to reach up to US $50 - $100B by 2030, according to UN Special Envoy on Climate Action and Finance Mark Carney, and the sale of emissions offsets will be a key part of financing the multi-trillion annual requirements of the energy transition.
However, the carbon market faces numerous trust and scaling challenges. Blockchain technology is a significant advancement on traditional credit mechanisms by providing an immutable digital record of the origin, provenance and certifications of the carbon behind each credit.
The initial purchase transaction of the blockchain-based carbon credits was settled between the parties in ADA, Cardano's native currency. Khurram Shroff, Chairman of iMining, said that the transaction was a significant move towards realizing his company's sustainability goals.
"iMining is committed to strong ESG values, and that includes reducing the emissions impact of our operations," he said. "Joining forces on this project with GuildOne supports both our net zero goals and our innovation in the Cardano ecosystem. We see many collaboration opportunities ahead and are on track to become net-negative emissions by next year."
GuildOne CEO James Graham said that the partnership represents an opportunity to demonstrate the power of blockchain to support a sustainable future.
"Our unique position as a bridge between the energy sector and digital asset ecosystem allowed us to create a complete solution for turning verified carbon data into tradeable value," he said. "We value iMining as a partner who is in deep alignment both on core values and creative technology innovation. The inclusion of nature positive credits- the tokens representing newly planted trees - deepens the positive impact of the project - and further illustrates the values alignment of the partners."
Having completed the initial tokenized carbon credit transaction, the companies are developing the next stage of their joint project, which will engage additional blockchain capability through the use of R3's Corda platform in the exchange and settlement of the ESG1 Tokens.
About GuildOne Inc.
GuildOne leverages the power of advanced blockchain infrastructure and applications to build innovative digital assets and ESG solutions. Working with industry and technology partners including R3 and AWS, the company's pioneering smart contract technologies and secure networks are transforming how business transacts, shares data and creates value. Uniting product intelligence with blockchain traceability and digital assets, GuildOne is developing the automated foundation for the next generation of verified carbon credits.
About iMining Technologies Inc. (TSXV: IMIN)
With diverse blockchain investment and infrastructure solutions, iMining is a leader in accelerating the growth of value creating DeFi opportunities for the enterprise market. The company's operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.
ON BEHALF OF THE BOARD
Signed "Khurram Shroff"
Khurram Shroff, President & CEO
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
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This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management's current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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